The New York Times Company reported a second-quarter loss on Thursday because of a write-down in the value of About.com and continuing declines in print and digital advertising revenue.
The net loss was $88.1 million, or 60 cents a share, compared with a net loss of $119.7 million, or 79 cents a share, in the period a year earlier, when the company wrote down the value of its regional newspapers, which it sold later.
Increases in circulation and digital subscriptions contributed to a 0.6 percent increase in revenue, to $515.2 million. But a $194.7 million write-down of About.com, the online resource guide the company bought in 2005, weighed on profits. The Times Company had an operating loss of $143.6 million in the quarter ended June 24, compared with an operating profit of $31.5 million in the period a year earlier.
Advertising revenue at the company’s News Media Group, which includes The Times, The International Herald Tribune and The Boston Globe, fell 6.6 percent, to $220 million. Print advertising revenue fell 8 percent, in part because of continued weakness in real estate advertising. Online ad revenue at the news media group decreased 1.6 percent, to $52.6 million, despite a push in video and other efforts to bring in new advertisers to NYTimes.com.
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4 Responses
Maybe they’ll change their business plan back to “all the news that fits” instead of focusing on left-wing political correctness. The Wall Street Journal has already surplanted it as the “paper of record”, and is making a profit as well.
Hopefully the beginning of the end of the gray lady.
I truly hope The New York Times, a/k/a Jew hater goes out of business real soon.
They don’t know how to print the truth, just what sells newspapers.
If they do go out of business will Thomas Friedman get a job at one of the Arab papers,after all he is a self hating Jew.